I would vet contractors by finding local real estate agents that also work with investors, and/or a rehab investor in your area that does a lot of deals.

I am new and I am checking in to see who is local to Albuquerque or in New Mexico and wants to meet up for coffee to talk about investing and goals! 

Local product is cheap since no import tariff.  

Having watched many prior co-workers get paid, cash their check at the casino, and promptly deposit it all into a slot machine I can tell you with pretty good certainty that casinos don't have a positive effect on disposable income and good use of the existing income in the area surrounding :)Are there solid local employers OTHER than the casino in a 15-minute drive? 

How are values changing compared to the rest of the local market? 

But mostly keep in mind that any property you find the local landlords already know about and did not desire it.

Add thoughtful touches like a Keurig or French press, USB chargers, and local travel guides.

Many investors have had to get creative by emphasizing other property perks, like pools, proximity to local attractions, or unique experiences, to offset any beach access challenges. 

To be honest, I´m in the Maintenance & Construction for corporate businesses for some US companies in Mexico and we do some Real Estate down here also, but it´s way much different than the US, so I have much to learn from a lot of people around here and as @Julio Gonzalez, I think this is pretty much the right pad and place to start and to break my fears to start all over again from scratchAlso, I´ld like to hear more from @Justin Brickman why he voted for his city, pros and cons, it will help to read from a local...As I said before, thank you all guys for taking the time to write in this post and share some experienceDo you plan to owner occupy. $40k will not get you a non owner occupied San Diego property unless you find some unlikely alternate financing.

Next PA has very strict requirements for interest rates which you cannot be in double digits.